上 市 公 司 2025 年 04 月 13 日 太平鸟 (603877) ——一季度表现符合预期，毛利率改善反映运营质量提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 16.12 | | 一年内最高/最低（元） | 17.69/10.89 | | 市净率 | 1.7 | | 息率（分红/股价） | 3.72 | | 流通 A 股市值（百万元） | 7,565 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 9.62 | | 资产负债率% | | 37.68 | | 总股本/流通 A 股（百万） | | 474/469 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： -40% -20% 0% 20% 40% 04-11 05-11 06-11 07-11 08- ...

Investment Rating - The investment rating for the company is maintained as "Buy" [4][7]. Core Views - The company reported a revenue decline of 8% year-on-year in Q1 2025, with a net profit decrease of 22%. However, the gross margin improved significantly by 4.8 percentage points to 60.0% due to better control over product structure and discount management [1][4]. - The company is nearing the end of its channel adjustments, with expectations for improved cash flow and operational efficiency in the future [4][3]. Revenue and Profit Analysis - In Q1 2025, the company's revenue was 1.67 billion yuan, and the net profit was 120 million yuan. The non-recurring profit was 40 million yuan, mainly from government subsidies [1]. - The gross margin showed a notable improvement, but the net profit margin decreased by 1.4 percentage points to 7.4% due to rising expense ratios [1]. Brand Performance - All brands experienced a decline in revenue in Q1 2025, with PB Women's wear down 13%, PB Men's wear down 7%, and others showing similar trends. However, gross margins improved across the board [2]. - The company is focusing on a "one brand" strategy, enhancing its multi-brand collection stores in key cities [2]. Channel Performance - Online sales decreased by 13% to 450 million yuan, but the gross margin improved by 4.4 percentage points to 49.7%. Offline direct sales fell by 4% to 820 million yuan, with a gross margin of 70.6% [3]. - The company has streamlined its channel structure, with a reduction in the number of direct and franchise stores, indicating that channel adjustments are nearly complete [3]. Inventory and Cash Flow - Inventory increased by 19.8% year-on-year to 1.64 billion yuan, with inventory turnover days rising by 67.6 days to 227.8 days [4]. - The operating cash flow for Q1 2025 was a net outflow of 300 million yuan, attributed to decreased revenue and accelerated payment schedules [4]. Future Outlook - The company expects stable revenue growth in 2025, with improved profit quality as channel and management adjustments take effect [4]. - Profit forecasts for 2025 to 2027 are 359 million yuan, 410 million yuan, and 466 million yuan respectively, with a projected P/E ratio of 22 times for 2025 [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603877 证券简称：太平鸟 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 债券代码：113627 债券简称：太平转债 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 单位：元 币种：人民币 ■ (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 ■ 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 1,667,974,604.93, a decrease of 7.63% compared to CNY 1,805,673,197.46 in the same period last year[7] - Net profit attributable to shareholders was CNY 123,881,397.20, down 21.97% from CNY 158,764,894.92 year-on-year[7] - Basic earnings per share decreased by 23.53% to CNY 0.26 from CNY 0.34 in the previous year[8] - Total revenue for the first quarter of 2025 was CNY 1,646,612,592.88, a decrease of 8.42% year-over-year[16] - Total operating revenue for Q1 2025 was CNY 1,667,974,604.93, a decrease of 7.6% compared to CNY 1,805,673,197.46 in Q1 2024[30] - Net profit for Q1 2025 was CNY 123,541,735.20, a decline of 22.0% from CNY 158,382,101.34 in Q1 2024[31] - Basic earnings per share for Q1 2025 were CNY 0.26, compared to CNY 0.34 in Q1 2024, representing a decrease of 23.5%[32] Cash Flow - The net cash flow from operating activities was negative CNY 298,574,889.31, a significant decline from positive CNY 8,168,946.60 in the same period last year, representing a change of -3,755.00%[10] - Cash inflow from operating activities in Q1 2025 was CNY 1,842,336,100.67, down from CNY 1,972,518,823.82 in Q1 2024, a decrease of 6.6%[33] - Cash paid for goods and services in Q1 2025 was CNY 1,400,066,487.03, an increase from CNY 1,098,787,356.94 in Q1 2024, reflecting a rise of 27.5%[33] - The net cash flow from operating activities was -$298.57 million, a significant decline from $8.17 million in the previous period[34] - Total cash outflow from operating activities amounted to $2.14 billion, compared to $1.96 billion last year[34] - The ending balance of cash and cash equivalents was $485.06 million, down from $841.33 million in the previous period[35] - The company experienced a net decrease in cash and cash equivalents of -$506.41 million, compared to -$163.44 million last year[34] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,431,617,085.15, down 11.79% from CNY 8,424,478,406.26 at the end of the previous year[8] - The total liabilities decreased to CNY 4,431,617,085.15 from CNY 5,424,478,406.26[27] - Total liabilities as of the reporting date were CNY 2,800,473,698.55, down from CNY 3,912,232,754.86 in the previous period[28] - Total equity increased to CNY 4,631,143,386.60 from CNY 4,512,245,651.40, marking a growth of 2.6%[28] - The total equity attributable to shareholders increased by 2.65% to CNY 4,624,169,363.59 from CNY 4,504,931,966.39 at the end of the previous year[8] Operational Metrics - The weighted average return on equity decreased by 0.74 percentage points to 2.71% from 3.45%[8] - The company reported a non-recurring profit of CNY 38,116,538.67 for the period[9] - The gross profit margin for the apparel operation segment was 60.84%, reflecting a year-over-year increase of 5.38 percentage points[16] - The revenue from the PEACEBIRD women's wear brand was CNY 567,756,460.30, with a gross margin of 61.70%, down 12.83% from the previous year[19] - Online sales generated CNY 450,179,402.01 with a gross margin of 49.70%, a decrease of 12.71% year-over-year[24] - The gross profit margin for offline sales channels was 65.02%, an increase of 5.46 percentage points year-over-year[24] - The total number of stores decreased by 57, with 3,316 stores at the end of the quarter compared to 3,373 at the beginning[24] Future Plans - The company plans to continue expanding its brand presence and improve operational efficiency in the upcoming quarters[18] - The company’s controlling shareholder, Taiping Bird Group, plans to increase its stake in the company by CNY 150 million to CNY 300 million over a six-month period, with CNY 214 million sourced from a special loan[14] - As of March 31, 2025, Taiping Bird Group had already acquired 7,881,900 shares, totaling CNY 114,632,500[14]

太平鸟（603877）公告，2025年第一季度营收为16.68亿元，同比下降7.63%；净利润为1.24亿元，同比 下降21.97%。 ...

事件描述 公司2024 年实现营收/归母净利润/扣非归母净利润68.0/2.6/1.2 亿元，同比变动-12.7%/-38.7%/-57.4%。 其中单Q4 实现营收/归母净利润/扣非归母净利润22.6/1.5/1.3 亿元，同比变动-12.0%/-29.1%/-13.4%。 预计2025/2026/2027 年公司归母净利润为3.7/5.0/5.9 亿元，PE 为20/15/12X，维持"买入"评级。 风险提示 1、零售环境波动； 2、库存去化不及预期； 3、费用投放转化效果弱。 事件评论 品牌调整下零售延续承压，加盟毛利率显著改善。1）分品牌：Q4 延续关店叠加产品调整下零售持续承 压，PB 女装/男装/乐町/童装收入分别同比-16.7%/-10.6%/-20.3%/-7.5%，毛利率分别同比+4.6 pct /+5.4 pct /+17.0 pct /+3.7pct，男装与童装收入表现延续优于女装，预计与老货去化以女装为主、品类消费韧 性差异有关，乐町调整周期经营延续疲态。 强控折扣叠加低基数下各品类毛利率均有所提升，乐町改善最为显著。2）分渠道：变革调整下除直营 外各渠道下滑明显，Q4 直营/加盟/线 ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - In the short term, the company is expected to see a recovery in profit growth due to the nearing end of store closures, gradual retail improvement, and enhanced franchise gross margins. In the long term, structural adjustments within the company are anticipated to significantly improve operational quality and profit elasticity. The company is shifting from profit elasticity driven by high retail growth to a more sustainable and robust internal capability-driven profit elasticity. Projected net profits for 2025, 2026, and 2027 are estimated at 370 million, 500 million, and 590 million yuan respectively, with corresponding PE ratios of 20, 15, and 12 [2][5]. Financial Performance Summary - For 2024, the company achieved revenue of 6.8 billion yuan, a decline of 12.7% year-on-year. The net profit attributable to the parent company was 260 million yuan, down 38.7% year-on-year, while the net profit excluding non-recurring items was 120 million yuan, a decrease of 57.4% year-on-year. In Q4 alone, revenue was 2.26 billion yuan, with a net profit of 150 million yuan, reflecting a year-on-year decline of 12.0% and 29.1% respectively [5][12]. Brand and Channel Performance - Retail performance remains under pressure due to brand adjustments, with Q4 revenues for various brands showing declines: PB women's wear down 16.7%, men's wear down 10.6%, and children's wear down 7.5%. However, gross margins improved across all categories, with notable increases for men's wear (+5.4 percentage points) and children's wear (+3.7 percentage points). The franchise channel saw significant gross margin improvements despite a revenue decline of 20.8% in Q4 [12][18]. Operational Efficiency - The company experienced a negative operating leverage effect, leading to a decrease in net profit margin. Q4 gross margin improved by 6.3 percentage points, but the expense ratio increased by 3.6 percentage points, primarily due to higher sales and marketing expenditures. The inventory structure requires optimization, with total inventory at 1.74 billion yuan at the end of 2024, up 15% year-on-year [12][18].

Trading Information Summary - On April 2, 2025, Peacebird's main funds experienced a net outflow of 2.6311 million RMB, while speculative funds saw a net outflow of 4.4241 million RMB, and retail investors had a net inflow of 7.0553 million RMB [1][3]. Company Announcement Summary - As of March 31, 2025, a total of 248,000 RMB of "Peacebird Convertible Bonds" have been converted into the company's A-shares, accounting for 0.0022% of the total shares issued before the conversion of the convertible bonds. The amount of unconverted "Peacebird Convertible Bonds" stands at 799.752 million RMB [1][3]. - The current conversion price for the "Peacebird Convertible Bonds" is 21.21 RMB per share. The company issued 8 million convertible bonds on July 15, 2021, with a total fundraising amount of 800 million RMB and a term of 6 years [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with a revenue decline of 13% to 6.8 billion yuan and a net profit decline of 39% to 260 million yuan, attributed to economic slowdown and intensified industry competition [6][13] - The company is focusing on enhancing brand image through flagship stores and digital retail innovations, despite short-term challenges in market demand [6][7] - The gross margin improved by 1.1 percentage points to 55.2% in 2024, driven by effective inventory management and discount control [6][7] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027: 7.79 billion (2023), 6.80 billion (2024), 7.25 billion (2025E), 7.60 billion (2026E), 7.94 billion (2027E) [5] - Net profit forecast: 422 million (2023), 258 million (2024), 368 million (2025E), 450 million (2026E), 470 million (2027E) [5] - Earnings per share forecast: 0.90 (2023), 0.55 (2024), 0.78 (2025E), 0.95 (2026E), 0.99 (2027E) [5] - The company aims to achieve a target market value of 9.7 billion yuan, indicating a potential upside of 27% from the current market value [6]

| 证券代码：603877 | 证券简称：太平鸟 公告编号：2025-031 | | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | 宁波太平鸟时尚服饰股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准宁波太平鸟时尚服饰股份有限公司公开 发行可转换公司债券的批复》（证监许可【2021】646 号）核准，宁波太平鸟时尚 服饰股份有限公司（以下简称"公司"）于 2021 年 7 月 15 日公开发行可转债 800 万张，每张面值人民币 100 元，募集资金总额为 80,000 万元，期限 6 年。 内容详见公司 2022 年 5 月 24 日披露于上海证券交易所网站（www.sse.com.cn）及 指定媒体的《关于"太平转债"转股价格调整的提示性公告》（公告编号：2022- 035）。 （二）因回购注销 280,000 股限制性股票，转股价格调整为 49.74 元/股，具 体内容详见 ...